PSEi slips on renewed Mideast woes

Local stocks edged lower on Tuesday as investors stayed cautious over the escalating conflict between the United States and Iran.

With concerns over higher global oil prices dampening market sentiment, the benchmark Philippine Stock Exchange Index (PSEi) slipped 0.15 percent, or 9.7 points, to close at 6,256.02.

Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market’s sideways movement today ended in the negative territory as worries over the US-Iran tensions and its upward effect on global oil prices weighed on investors’ sentiment.”

Trading remained subdued, with net value turnover reaching only P4.05 billion.

“Traders largely stayed on the sidelines resulting in thin volume for today’s session, awaiting further geopolitical developments before taking significant positions,” said Luis Limlingan, head of sales at Regina Capital Development Corp.

Despite the market decline, foreign investors extended support, ending the session as net buyers with net inflows of P229.8 million.

Sectoral performance was mixed. Mining and oil stocks led the gains, climbing 1.3 percent, while conglomerates posted the biggest decline, falling 0.84 percent.

Among index members, Emperador Inc. emerged as the top gainer, advancing 1.55 percent to P15.70 per share.

See Also

From classrooms to climate action

Meanwhile, JG Summit Holdings Inc. booked the steepest loss among index stocks, dropping 3.19 percent to P24.30.

Analysts said the session reflected investors’ cautious stance as uncertainty in the Middle East continued to cloud market outlook, with the possibility of sustained higher oil prices raising concerns over inflation and corporate costs.

******

Get real-time news updates: inqnews.net/inqviber